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Aug 22nd, 2009 | WASHINGTON -- Guaranty Bank became the second-largest U.S. bank
to fail this year after the Texas lender was shut down by regulators and most of its operations
sold at a loss of billions of dollars for the U.S. government to a major Spanish bank.
The transaction approved by the Federal Deposit Insurance Corp. marked the first time a foreign
bank has bought a failed U.S. bank.
Large Texas bank shut by federal regulators - Salon.com (http://www.salon.com/wires/ap/business/2009/08/22/D9A7RBO81_us_guaranty_bank_failure/index.html - broken link)
Wow, of all places Texas? Selling out to a foreign country?
Looks like Guaranty Bank wanted to play with the big boys out in California with too many loans that went sour. They should have stayed local and they just might be still open today under their own name.
Guaranty's problems have been in our local papers for weeks - they have been trying to find "investors" but no such luck. I thought the FDIC would have siezed them last week but Colonial was another big one; guess the FDIC is spreading them out.
Can you believe that the FDIC let a foreign country's bank buy them out ??
Obviously, nobody from the Bush family is running the place ...
Bush was never into Texas banks. This has nothing to do with Bush; it was California loans gone bad that did them in. They were greedy and conservative Texas wasn't good enough for them.
the FDIC brokered the deal!!! The government also agreed to shoulder the bulk of the losses on all of Guaranty’s loans — a deal sweetener that the government has rarely extended to overseas buyers.
you are just adding MORE proof that obama is a global corporatist bent on destroying america's sovereignty. even air america (hardly a conservative organization) nails obama as a "charming liar".
i urge all americans not to deposit their money in this bank, BBVA COMPASS!
Last edited by floridasandy; 08-22-2009 at 08:39 AM..
you are just adding MORE proof that obama is a global corporatist bent on destroying america's sovereignty.
How predictable. The economy is both global and corporate-dominated. Maybe you'd also complain that your Everglades tour guide was some guy who'd just spent his whole life tramping around in swamps? The Guaranty takeover was meanwhile the result of an open auction. How much more "free market" can you get than that? As to your absurd sovereignty rant, there are thousands of wholey-owned subsidiaries of foreign companies operating in the US and thousands of wholey-owned subsidiaries of US firms operating abroad. These are things that you should perhaps simply get used to.
Quote:
Originally Posted by floridasandy
even air america (hardly a conservative organization) nails obama as a "charming liar".
I'm sure you are a regular Air America listener and not just some <sanrene> wannabe, but the Air America piece is just as worthless as your post -- a wishful ideological rant with no actual connection to reality.
Quote:
Originally Posted by floridasandy
i urge all americans not to deposit their money in this bank, BBVA COMPASS!
Why would that be? Any actual reasons or just more rant...
FDIC was probably waiting for that bid to come in. Guaranty started warning they were in trouble last month and were very public about it. The FDIC doesn't have the money to take it over themselves.
Looks like Guaranty Bank wanted to play with the big boys out in California with too many loans that went sour. They should have stayed local and they just might be still open today under their own name.
Guaranty's problems have been in our local papers for weeks - they have been trying to find "investors" but no such luck. I thought the FDIC would have siezed them last week but Colonial was another big one; guess the FDIC is spreading them out.
Can you believe that the FDIC let a foreign country's bank buy them out ??
No, not surprised at all, over the last year, a number of regional banks have been bought out. My personal Bank Sovereign was bought out by a Spanish bank, earlier this year, and I had no idea, until i called to make a change to one of my accounts. I actually keep an ear to most financial news, but somehow missed this, so I'd assume, there are a number of other regional banks, that are also being bought.
I guess they'll be owned by the foreign entity, but will operate, as a US subsidiary of the foreign entity and operate under US Banking Laws. Direct Foreign Investment in the US is nothing new and frankly at this point in time, we need it.
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